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its half an acre....
yes. it is one Fourth smaller. one half acre is equal to two fourths of an acre.
It is neither. An acre is 1 (or 1.0) acres, half an acre is 0.5 acres. 0.247 is close to 1/4 (which is exactly 0.25).
one (half acre) = 21 780 square foot
It is usually called, "a quarter acre" or "one quarter acre".